Question

explain revolving credit and give one example, then explain non-revolving credit and give one example.

Answer 1

Revolving credit, as its name suggests, is intended to be more flexible. As long as you adhere to your credit terms, you can use it for a range of purchases. Non-revolving credit frequently has lower interest rates and consistent repayment schedules because it is typically utilized for a specific purpose, like a car loan or student loan.